In summary, this company manipulates a key, but overlooked, assumption in its pension accounting to reduce the cost of pensions and overstate earnings.

If we lower the assumptions to a value consistent with past performance that would lower the companies earnings and profits by $275 million (before tax), a 25% ding to Net Income and EPS.
Lowering to a more realistic level also reduces the NOPAT margin by about 150 basis points after tax.

The impact on valuation: instead of a fair value in the mid $50s, I now see it in the low $40s – about 30% lower than where the stock is today. 30% dwarfs the 4% dividend yield.